credit historyhttp://www.wisebread.com/taxonomy/term/12012/all
en-US7 Ways to Increase Your Credit Score Quicklyhttp://www.wisebread.com/7-ways-to-increase-your-credit-score-quickly
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<p>Your credit score will determine whether you will get approved for credit cards, auto loans, mortgages, or other loans, as well as impact the interest rate you'll pay. If you aren't happy with where your credit score is today, take heart: There are some simple ways to improve it quickly. Once your credit score improves, you'll be able to enjoy <a href="http://www.wisebread.com/5-ways-life-is-amazing-with-an-800-credit-score?ref=internal">perks like lower interest and insurance rates</a>.</p>
<p>Note that while these tips will help you raise your credit score quickly, be patient and remember that it can still take 30&ndash;60 days to see any noticeable improvement.</p>
<h2>Credit Utilization Ratio</h2>
<p>Your credit utilization ratio makes up 30% of your credit score. It's the number that shows how much debt you have compared to your total available credit. The more unused credit you have available, the lower your ratio. For example, if the credit limit on all your cards total $10,000, but you owe $8,000, your credit utilization ratio is 80%. You're using 80% of your credit. That's pretty high &mdash; a ratio of 30% or less is ideal. There are three main ways to lower your credit utilization ratio.</p>
<h3>1. Pay Down Your Debt</h3>
<p>Using the above scenario, if you can pay down your debt from $8,000 to $5,000, then your ratio goes down to 50%. Once you lower your debt, your score will see a significant boost quickly.</p>
<h3>2. Ask for a Credit Limit Increase</h3>
<p>If you aren't able to come up with some cash to pay down your debt quickly, try to get your credit card issuer to raise your limit. If instead of having $10,000 in available credit, you have $15,000, your ratio would go down to 53% with a $8,000 debt. Keep in mind, however, that they'll usually only grant this if you've had a good record with them over the last year. If you've missed payments, you may not be able to get the increase.</p>
<h3>3. Sign Up for a New Credit Card</h3>
<p>If you've got a lot of credit card debt, getting another credit card may not be the wisest thing to do. But if you need to raise your credit score quickly, this may be your only option. If you can, try to get a card with a 0% intro <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt?ref=internal">balance transfer option</a>, which will allow you to transfer your existing debt over and at least get a break from paying interest each month. (See also: <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=seealso">Credits Cards With the Best 0% Balance Transfer Offer</a>)</p>
<p>If you can't get approved for credit cards because of your low score, get a <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=internal">secured credit card</a>, which even those with bad credit can get approved for. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=seealso">Best 5 Secured Credit Cards</a>)</p>
<h2>Credit History</h2>
<p>The length of your credit history makes up 15% of your score. If your score is low because you are new to credit, then you will just have to be patient. But you can build up your credit by opening up accounts now and keeping them in good standing in the future.</p>
<h3>4. Keep Cards Open</h3>
<p>You should not close any existing accounts, as each one continues to contribute to your credit history. In fact, many people hold the mistaken belief that closing credit card accounts will help their credit score, when it will likely have the opposite effect. The longer you've had your accounts, the more it adds your score. Even if you're no longer using your old credit cards, you can cut up the cards or lock them away, but don't cancel them.</p>
<h3>5. Become an Authorized User</h3>
<p>If you're having trouble getting approved for new accounts, see if you can become an authorized user on someone else's card. But make sure you sign on with someone who is a responsible user. Your score can tank if that person misses payments or has too much debt on that card, too.</p>
<h2>Types of Credit</h2>
<p>The types of credit in use also makes up 10% of your credit score. These formulas favor those who have several types of loans including home loans, auto loans, student loans, credit cards, and store charge cards.</p>
<h3>6. Mix up Your Forms of Credit</h3>
<p>While you shouldn't borrow money for a home or car just to try to improve your score, it's worth keeping in mind that even opening a store charge card and using it for a few small purchases may help to improve your credit score slightly.</p>
<p>You can also consider opening a specialized card like a branded gas card (that only works for gas station payments). This will help you resist the urge to spend on other things and you'll rack up rewards in no time, such as free gas. Pay the balance off immediately after every use and your credit score will reflect your good credit history, payment history, and increased available credit.</p>
<h2>Payment History</h2>
<p>Your payment history makes up the biggest percentage of your score &mdash; 35%. There is no getting around the importance of paying your bills on time.</p>
<h3>7. Set up Alerts and Auto-Pay</h3>
<p>Sometimes payments are missed simply because you forgot or misplaced the bill. These small mistakes add up on your credit score. If you have trouble remembering to pay your bills, then set up automatic payments or set up reminder alerts on your calendar. No excuses!</p>
<h2>Credit Monitoring</h2>
<p>To maintain a good score, you should be diligent about monitoring your credit, as well. Check your credit report every year at <a href="http://annualcreditreport.com">AnnualCreditReport.com</a> to ensure there are no errors. If you notice a discrepancy, act on it quickly. Your credit score may be unjustifiably low and you may simply need to make a call to correct any issues. In fact, studies have shown that up to 80% of consumer credit reports have an error, which may be costing you up to 50 credit points. Take advantage of services like <a href="http://track.flexlinks.com/a.ashx?foid=1029882.163454&amp;fot=9999&amp;foc=1&amp;foc2=585847" target="_blank" rel="nofollow">CreditSesame.com</a><img src="http://track.flexlinks.com/i.ashx?foid=1029882.163454&amp;fot=9999&amp;foc=1&amp;foc2=585847" alt="" border="0" /> to monitor your credit score for free throughout the year. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-that-offer-free-credit-scores?ref=seealso">Credit Cards That Offer Free Credit Scores</a>)</p>
<p><em>These are our recommendations for increasing your credit score quickly. Do you have any suggestions to add? Please share your thoughts in the comments!</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-cannon">Andrea Cannon</a> of <a href="http://www.wisebread.com/7-ways-to-increase-your-credit-score-quickly">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1">
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</div> </div><br/></br>Insurancecredit historycredit reportcredit scorerebuild creditTue, 28 Jul 2015 13:00:16 +0000Andrea Cannon1500837 at http://www.wisebread.com4 Reasons Why You're Too Old — Or Too Young — For a Mortgage Loanhttp://www.wisebread.com/4-reasons-why-youre-too-old-or-too-young-for-a-mortgage-loan
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<p>You're never too old for a mortgage loan &mdash; and if you're at least 18, you're not too young to take out a <a href="http://www.wisebread.com/the-55-arm-loan-just-might-be-the-best-mortgage-loan">mortgage loan</a>, either. Mortgage lenders are not allowed to use age as a factor for denying borrowers a mortgage loan. Thank the Equal Credit Opportunity Act for this; the federal law prohibits discrimination based on everything from a borrower's age to that person's race, color, or national origin. But just because you can qualify for a mortgage loan at 19 or 90, doesn't mean that you always should.</p>
<p>&quot;To me, the age isn't the main factor, ever,&quot; says Kyle Winkfield, owner of The Winkfield Group, a retirement planning firm in Rockville, Maryland. &quot;Everything has to do with your own personal situation. Can you afford what you are biting off, what you are signing up for with a mortgage? A lot of financial tragedies could be avoided if people would ask whether they can really afford a mortgage loan, no matter what age they are.&quot;</p>
<p>Here are four reasons why you might be too young or too old for a mortgage loan.</p>
<h2>1. Your Income Isn't High Enough</h2>
<p>When determining whether you can afford a mortgage, your lender will consider any source of regular monthly income. When you're younger, the majority of your income usually comes from your steady job. When you're past retirement age, your monthly income might be made up of Social Security benefits, a pension, legal settlements, income from real estate that you own, or several other sources.</p>
<p>Lenders usually want your total monthly debts &mdash; including the cost of a new mortgage payment &mdash; to be no more than 43% of your gross monthly income. But just because a lender approves you for a mortgage of $200,000 doesn't mean that you can really afford the monthly payments that come with such a loan. Take a close look at your income. Will the addition of a mortgage payment, whether you're 20 or 70, bust your monthly budget? Owning a home is nice, until making those monthly mortgage payments becomes a real struggle.</p>
<p>&quot;You might qualify for a mortgage with a $3,200 monthly payment,&quot; Winkfield says. &quot;But in reality, with all the other things that come up with owning a home &mdash; the electric bill, maintenance, surprise repairs &mdash; can you really afford it? You have to take a long look at your finances, no matter how old or young you are.&quot;</p>
<h2>2. Your Credit Score Is Low</h2>
<p>Lenders rely on your three-digit credit score to determine if you are a good lending risk. If your score is low, you'll pay a higher interest rate on your mortgage loan, and that might make your monthly payment so high that taking on a mortgage loan doesn't make sense.</p>
<p>Erin Ellis, financial educator at Philadelphia Credit Union, says that a low credit score is often a challenge for younger borrowers. Some young borrowers might not have enough of a credit history to even have a score. If these borrowers can even find a lender to loan them mortgage dollars, they'll have to pay dearly for them in the form of higher interest.</p>
<p>Older buyers, too, can have credit score issues, too. Older borrowers who have recent bankruptcies, missed payments, or foreclosures on their records will struggle to get a mortgage loan with a reasonable interest rate.</p>
<p>&quot;If your credit score is low, it often doesn't make sense to apply for a mortgage loan,&quot; Ellis says. &quot;The low interest rates make mortgages appealing today. But if your credit score is low, you won't get those low rates.&quot;</p>
<h2>3. You Won't Be Settling Down</h2>
<p>Buying a house and taking on a mortgage loan is a better investment when you're able to hold onto the property for a long enough period of time &mdash; usually at least seven years. Historically, homes have tended to experience solid appreciation when owners hold onto them for at least this length of time, though appreciation is never guaranteed.</p>
<p>If you're young and just getting started in your career, renting might make more sense. You don't know how long you're going to remain in one neighborhood or city. Job changes might take you to new communities or even countries before your home has a chance to appreciate in value significantly.</p>
<p>And if you're older? There are again no guarantees that you'll hold onto your new home for a long enough period of time. You might suffer ill health and have to move to an assisted-living facility. You might decide to move to a new part of the country so that you can spend more time with your grandchildren.</p>
<p>If you aren't sure how settled you are into your current community, taking on a mortgage loan might not be a wise choice.</p>
<h2>4. You Can't Clear the Down Payment Hurdle</h2>
<p>The down payment on a home can be a struggle for both younger and older borrowers. Even if you qualify for a mortgage loan backed by the Federal Housing Administration, you'll have to come up with a down payment of 3.5% of your home's purchase price, if your credit score is high enough. For a home costing $200,000, that 3.5% comes out to a down payment of $7,000. For conventional financing, you might have to come up with a down payment of 10%, or $20,000.</p>
<p>That's a lot of money for a young person just getting started on a career. Yes, borrowers can use financial gifts &mdash; as long as they are true gifts and not a loan that they have to pay back &mdash; to cover all or part of a down payment. But young people whose parents don't have $7,000, $10,000 or $20,000 sitting around might struggle to come up with a down payment.</p>
<p>Older buyers have their own issues with down payments. They have to make sure that their combination of monthly income and savings will last them through their retirement years. Spending a chunk of their savings on a down payment could put them at financial risk, especially if they don't have much money from another home sale to help cover down payment costs.</p>
<p>If your down payment will wipe out all of your savings, it might make sense to wait until you've saved more money for a down payment. After all, you'll need money to furnish and maintain your home after you've purchased it.</p>
<p>But if none of these factors are an issue for you? Taking on a mortgage loan might make financial sense.</p>
<p>&quot;If you can qualify for a mortgage loan &mdash; and that's a fairly big 'if' &mdash; then I think a mortgage makes sense for most people,&quot; says Matthew Tuttle, chief executive officer and chief information officer of Tuttle Tactical Management in Greenwich, Connecticut. &quot;I know this can be controversial, but I'm a big fan of never paying your mortgage off. The only time when a mortgage doesn't make financial sense is when interest rates are extremely high. At these low interest rates, why wouldn't you want to take out a mortgage loan?&quot;</p>
<p><em>Has your age impacted your search for a mortgage loan? </em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/4-reasons-why-youre-too-old-or-too-young-for-a-mortgage-loan">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2">
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</div> </div><br/></br>Real Estate and Housingagecredit historycredit scoreloansmortgagesWed, 24 Jun 2015 13:00:26 +0000Dan Rafter1462787 at http://www.wisebread.comAre You a Credit Invisible? Get Seen by Building Your Scorehttp://www.wisebread.com/are-you-a-credit-invisible-get-seen-by-building-your-score
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<p>Are you a &quot;credit invisible?&quot; The Consumer Financial Protection Bureau defines credit invisibles as those adults whose credit histories are so limited that they don't have three-digit credit scores. According to the bureau, 26 million U.S. adults <a href="http://files.consumerfinance.gov/f/201505_cfpb_data-point-credit-invisibles.pdf">have no credit histories</a> with national reporting agencies TransUnion, Experian, and Equifax and, because of this, no FICO credit score.</p>
<p>That's a huge problem. Lenders today rely heavily on three-digit <a href="http://www.wisebread.com/4-reasons-your-credit-score-may-improve-soon">credit scores</a> to determine which consumers are good lending risks. They also use these scores to determine the interest rates they charge on auto and mortgage loans. Consumers without credit scores, then, will struggle to <a href="http://www.wisebread.com/what-are-secured-credit-cards?ref=internal">qualify for credit cards</a>, home loans, auto loans, and personal loans. And even if they do qualify for credit, they'll pay far higher interest rates.</p>
<h2>Why Credit Matters</h2>
<p>Having a high credit score can even have an impact on what job you land and where you live. A growing number of employers are analyzing the credit of job applicants. And many apartment landlords do the same before deciding whether to rent to prospective tenants.</p>
<p>&quot;Not having a credit score absolutely impacts your qualify of life,&quot; said Steve Joung, founder and chief executive officer of Chicago-based apartment rental agency Pangea Properties. &quot;If you have better credit, you can rent a nicer apartment. You can get in a neighborhood that is closer to transportation and to your job. Your apartment building might have more amenities that bring you happiness. The quality, condition, and location of where you live is a big factor in your overall happiness and satisfaction.&quot;</p>
<p>Consumers build credit histories by paying bills such as mortgage, auto, or student loan payments on time. They also <a href="http://www.wisebread.com/how-to-use-credit-cards-to-improve-your-credit-score?ref=internal">build a credit history</a> by making regular credit card payments. Those consumers who don't have student loans, auto loans, home loans, or credit cards? They might not generate any credit history.</p>
<p>Many consumers are surprised to learn that several payments they make are not reported to the credit bureaus. Payments to medical providers, utilities, and cell-phone companies are not reported, and don't help consumers build a credit history. Up until recently, none of the three credit bureaus tracked on-time rent payments, either. That is starting to change, with Experian and TransUnion now giving landlords and renters the chance to report their monthly payments.</p>
<p>Consumers who don't have enough credit history won't have credit reports that are full enough to generate a three-digit credit score. They will struggle to qualify for any loan or credit program.</p>
<h2>How to Build Credit</h2>
<p>There is hope, though. Rod Griffin, director of public education with Experian, says that consumers can start building their credit in small ways. One such way is to <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=internal">apply for a secured credit card</a> at their bank or credit union. (<a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=seealso">See our favorite secured credit cards</a>)</p>
<p>A secured card operates like a traditional credit card except for one big difference: The credit limit is tied to the amount of money the card's holder has in a savings account. But card holders can't spend more than their limit.</p>
<p>Secured accounts are a way for financial institutions to offer credit to consumers who lack a credit history while also protecting themselves: Consumers can't charge more than they can afford. These credit cards are limited. But those who make their payments on time each month will steadily begin to build a credit history.</p>
<p>Consumers can also ask a family member who has a high credit score to co-sign for them on an auto or personal loan. This gives consumers without credit histories the chance to show that they can make loan payments on time.</p>
<p>Griffin said that to earn a FICO score &mdash; the most important of the credit scores &mdash; people must typically have a credit history that is at least six months old. There are other scores, such as the VantageScore from Experian, that take less time. Experian can issue consumers VantageScores as soon as three months after they first build a credit history.</p>
<p><em>How did you build up your credit history?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/are-you-a-credit-invisible-get-seen-by-building-your-score">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3">
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</div> </div><br/></br>Personal Financebuilding creditcredit historycredit scoresloansFri, 12 Jun 2015 13:00:11 +0000Dan Rafter1451204 at http://www.wisebread.com6 Secured Credit Card Facts to Rememberhttp://www.wisebread.com/6-secured-credit-card-facts-to-remember
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<p>Getting turned down for credit card after credit card might make you want to bang your head against the wall. It can feel like you're stuck between a rock and a hard place, but there's light at the end of the tunnel.</p>
<p>If several banks have rejected your credit card application, you're probably applying for the wrong kinds of credit cards. What you might not know is that there are credit cards specific to every credit type. For a credit history that's either non-existent or in outright bad shape, you need a <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best?ref=internal">secured credit card</a>.</p>
<p>A secured credit card works like any other credit card, with the exception that you'll have to pay an upfront security deposit. This might seem like a second-rate credit card. But by using one, you can quickly work your way up to an unsecured credit card. (See our picks for the <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=seealso">best secured credit cards</a>)</p>
<p>Here are six important facts to remember about secured cards &mdash; so you know exactly what to expect.</p>
<h2>1. You Don't Need a Large Security Deposit</h2>
<p>With these cards, your credit line is based on the amount of your security deposit. Fortunately, many banks allow security deposits between $200 and $3,000. So there's no pressure to come up with a pile of cash to get started.</p>
<h2>2. Most Banks Don't Care About Your Credit History</h2>
<p>A credit check may or may not be involved when applying for a secured credit card. But even if a bank checks your credit history, it won't focus too much on your past credit mistakes.</p>
<p>A secured credit card is a tool for people looking to <a href="http://www.wisebread.com/how-to-rebuild-your-credit-in-8-simple-steps?ref=internal">build their credit history</a>. Banks know the majority of applicants will have an iffy credit history, so you're likely to get approved regardless of it &mdash; as long as you're at least 18 years old with steady income.</p>
<h2>3. Understand the Fees</h2>
<p>The security deposit isn't the only thing you'll pay when applying for a secured credit card. If you're approved, the bank might charge a variety of fees, such as an annual fee, a set-up fee, and a monthly maintenance charge.</p>
<p>The cost of getting started varies depending on the card and bank, so do your research and&nbsp;<a href="http://www.wisebread.com/the-5-best-secured-credit-cards">compare secured card options</a> to minimize fees. Additionally, compare card interest rates, since these also vary by card issuer.</p>
<p>Be aware that fees are charged directly to the credit card. This reduces your available credit, and unfortunately, you'll have a balance on the card before your first swipe. So if you get a secured credit card with a $200 credit line, and you pay $50 in start-up fees, you'll receive your card with only a $150 credit line.</p>
<h2>4. It's Not a Prepaid Debit Card</h2>
<p>About two years ago I had a conversation about secured credit cards with friends. To my surprise, some people thought secured credit cards are nothing more than a fancy prepaid credit card. (Yes, I frequently pat myself on the back for being the brightest crayon in the box.)</p>
<p>With a prepaid debit card, you deposit cash into a card, like a gift card. Your activity is not reported to the credit bureaus. With a secured credit card, your security deposit is collateral that the bank holds &mdash; just in case you don't make your payments.</p>
<p>You still receive a monthly bill every month and you're still required to make the minimum payment. If you don't pay your bill, the bank uses your security deposit to pay what you owe.</p>
<h2>5. You Might Qualify for an Unsecured Card With the Bank</h2>
<p>If you're working toward an unsecured credit card, you might qualify for one sooner than you think &mdash; and that's without completing an additional credit application. Some banks that offer secured credit cards also offer unsecured credit cards. If you make timely payments for 12 to 18 months, the bank might upgrade your secured card to an unsecured one and refund your security deposit.</p>
<h2>6. Credit Reporting Matters</h2>
<p>You need a credit card company that will report your positive account activity to the bureaus every single month &mdash; or else getting a secured credit card is pointless. Remember, the goal is to rebuild or build your credit history. And unfortunately, you won't build your score if you get a secured credit card from a bank that doesn't send updates to the credit bureaus. Read the fine print to see how often the bank reports activity to the bureaus, or call and ask customer service.</p>
<p><em>Have you ever considered a secured credit card? Why or why not?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/6-secured-credit-card-facts-to-remember">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4">
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</div> </div><br/></br>Credit Cardscredit historycredit scoresecured cardsTue, 09 Jun 2015 09:00:09 +0000Mikey Rox1450086 at http://www.wisebread.com4 Reasons Your Credit Score May Improve Soonhttp://www.wisebread.com/4-reasons-your-credit-score-may-improve-soon
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<p>About 45 million U.S. adults have no credit scores, according to a study released in early May by the Consumer Financial Protection Bureau. This is a big deal. Lenders rely on three-digit <a href="http://www.wisebread.com/how-to-use-credit-cards-to-improve-your-credit-score">credit scores</a> to determine who gets credit and at what interest rate. Consumers without credit scores will struggle to qualify for a mortgage loan, auto loan, or even a credit card.</p>
<p>There is good news on the way: It might soon be easier for consumers to build a credit score. That's because the national credit bureaus are beginning to count additional forms of payment as part of consumers' credit histories.</p>
<h2>Rental History Can Build Credit</h2>
<p>Consumers typically build a positive credit history &mdash; and a strong credit score &mdash; by paying their credit cards, mortgage loans, student loans, and auto loans on time. But historically, the credit bureaus didn't track on-time rent, utility, cable, or cell-phone payments. Consumers who never missed a rent or utility payment, then, often found themselves with no credit because they weren't paying off mortgage loans, credit cards or auto loans.</p>
<p>The national credit bureaus, though, are making changes. Experian and TransUnion &mdash; two of the three national bureaus, with Equifax being the third &mdash; are now collecting on-time rent payment data as part of their credit profiles. Consumers who always pay their apartment rents on time now have the opportunity to build a credit score from these two credit bureaus.</p>
<p>Both bureaus are working with RentTrac, a service that allows tenants across the nation to pay their apartment rents online. Renters who pay through RentTrac can then have their payment data sent to TransUnion and Equifax.</p>
<p>This is a big move for consumers. Emily Christiansen, director of Experian's RentBureau, said that the credit bureau recently conducted a study of the impact of adding rental information. A total of 11% of the study participants did not have a credit score before Experian began counting on-time rent payments. Once Experian did start collecting this information? Nearly 97% of this group gained enough of a payment history to build a credit score.</p>
<p>Christiansen also said that participants who already had a credit score saw their scores rise by an average of 29 points.</p>
<p>That, too, is important. Lenders consider a FICO credit score of 740 or higher to be an excellent score. Consumers with the highest scores qualify for the greatest number of loan programs and the lowest interest rates.</p>
<p>&quot;Consumers are often surprised that these other payments are not reported,&quot; Christiansen said. &quot;It seems like such a no-brainer that this information should be reported.&quot;</p>
<h2>More Changes to Come?</h2>
<p>The bureaus still do not count on-time utility, cable, and cell-phone payments. On-time payments to doctors and hospitals aren't counted, either. But Christiansen said that there is growing support for counting at least some of these payments.</p>
<p>&quot;We are in strong support of full-file reporting,&quot; she said. &quot;We don't want to just have the times when consumers don't pay their utility bills to show up in their credit reports. We also want the times they do pay them on time to show up.&quot;</p>
<p>This is an important point. Paying your doctor bill on time won't help your credit score. But not paying it might hurt it. If your medical provider sends a collection agency after you for non-payment, that will cause your credit score to drop.</p>
<p>The lesson? Pay all your bills on time, even if doing so won't boost your three-digit score.</p>
<p>&quot;The face of credit is changing,&quot; Christiansen said. &quot;What will be included in your credit report is changing. That is exciting. I am very optimistic that we will continue to see more types of payment information included in the reports.&quot;</p>
<p><em>Have you seen your credit score increase due to these changes?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/dan-rafter">Dan Rafter</a> of <a href="http://www.wisebread.com/4-reasons-your-credit-score-may-improve-soon">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5">
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</div> </div><br/></br>Personal Financecredit historycredit scorespaying billsrentingTue, 02 Jun 2015 11:00:10 +0000Dan Rafter1442293 at http://www.wisebread.com6 Unexpected Benefits of Secured Credit Cardshttp://www.wisebread.com/6-unexpected-benefits-of-secured-credit-cards
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<p>&quot;Nobody knows you when you're down and out,&quot; goes a famous blues song.</p>
<p>And when your credit score is bad &mdash; really bad &mdash; you'll definitely be singing the blues whenever you're trying to find financing options. (See also: <a href="http://www.wisebread.com/how-to-get-a-credit-card-when-you-have-bad-credit?ref=seealso">How to Get a Credit Card When You Have Bad Credit</a>)</p>
<p>While you may see <a href="http://www.wisebread.com/the-5-best-secured-credit-cards">secured credit cards</a> as a financing option of last resort, you may be surprised by their unexpected benefits. Here are six of them. (See also: <a href="http://www.wisebread.com/what-are-secured-credit-cards?ref=seealso">What Are Secured Credit Cards?</a>)</p>
<h2>1. No Credit Check Needed</h2>
<p>This is at the top of any list of unexpected benefits of a secured credit card.</p>
<p>Secured credit cards are good options for those that have bad credit and are looking to avoid an additional hard inquiry on their credit histories and a potential denial. To open a secured credit card you make an initial deposit, which becomes your card's credit limit. That initial deposit can range from a couple hundred dollars up to about $5,000.</p>
<p>Your initial deposit is insured by FDIC and is refundable, after applicable fees, if you decide to close your account.</p>
<h2>2. Credit History for Credit Bureaus</h2>
<p>Young folks starting out on their own, college students away from home, people recovering from a major life event (such as a divorce or major illness), and recent immigrants may also benefit from a secured credit card, because it helps them begin or <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best">reboot their credit histories</a>.</p>
<p>When you have no recent pay stubs or tax returns available, some lenders may <a href="http://www.wisebread.com/11-reasons-your-credit-card-application-was-denied-and-what-you-can-do-about-it">deny your credit application</a> because you have no proof of income. Most secured credit card companies report your activity to the three credit bureaus (Equifax, Experian, and TransUnion), so that you can start building up (or rebuilding) your credit score.</p>
<p>Before signing up for a secured credit card, double check whether or not the lender reports to the credit bureaus.</p>
<h2>3. Eligible for Higher Limits</h2>
<p>Through responsible management of your secured credit card, you can score a higher spending limit. By turning in your payments on time and paying your balance in full every month, you improve your chances of getting a higher limit sooner. (See also: <a href="http://www.wisebread.com/how-to-get-the-most-out-of-your-secured-credit-card?ref=seealso">How to Get the Most Out of Your Secured Credit Card</a>)</p>
<p>Also, you can contact your lender to make an additional deposit and increase your credit limit. Over time, your lender may raise your limit without requiring any additional deposits.</p>
<h2>4. Grace Period</h2>
<p>When choosing a secured credit card, it's key that you choose one with a grace period. A grace period is the window of time, often between the end of your billing cycle and the due date for that cycle, in which you pay no interest so long as your new balance in paid in full.</p>
<p>While most credit cards offer a grace period, some secured credit cards don't. Without a grace period, you'll owe interest on every purchase. This would make improving your credit history tougher than it should be.</p>
<h2>5. Accepted Internationally</h2>
<p>Most secured credit cards are accepted as a form of payment when traveling abroad. Given the several <a href="http://www.wisebread.com/why-this-thing-in-your-wallet-is-almost-useless-today">disadvantages of travelers checks</a>, some international travelers may be happy to know that they can rely on their secured credit cards as a payment option.</p>
<p>It's a good idea to read the terms of your secured credit card in order to be aware of applicable charges when using it outside of the U.S. However, there are some secured credit cards, such as the <a href="http://www.wisebread.com/capital-one-secured-mastercard-credit-card-review">Capital One Secured MasterCard</a>, that have no foreign transaction fees and no annual fee.</p>
<h2>6. Special Case: Military Personnel and Family Members</h2>
<p>Our troops work hard to protect our nation, so they and their families deserve access to some of the best secured credit cards out there.</p>
<p>One secured card that stand out from the crowd is the <a href="http://www.wisebread.com/usaa-secured-card-american-express">USAA Secured Card American Express</a>, which uses your security deposit, from $250 to $5,000, to open a CD that earns interest during a two-year period. Very few secured credit card offers let you make any money on your security deposit. USAA lets cardholders make additional deposits to their CDs at any time with the option to request a credit limit increase for their cards at the time of deposit.</p>
<p>These six unexpected benefits from secured credit cards may be a welcome surprise to those trying to rebuild their credit histories. Stay focused and remain positive. By choosing the right secured credit card, you're taking the first step towards improving your financial situation. Ready to apply? See Wise Bread's <a href="http://www.wisebread.com/the-5-best-secured-credit-cards">favorite secured credit cards</a>.</p>
<p><em>What steps have you taken to improve your credit history?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/6-unexpected-benefits-of-secured-credit-cards">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-6">
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</div> </div><br/></br>Credit Cardsbad creditcredit historycredit reportfinancingrebuild creditWed, 29 Apr 2015 11:00:28 +0000Damian Davila1397772 at http://www.wisebread.comHow to Get the Most Out of Your Secured Credit Cardhttp://www.wisebread.com/how-to-get-the-most-out-of-your-secured-credit-card
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<p>If you're jump-starting your credit history or <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best">rebuilding bad credit</a>, there's nothing more frustrating than hitting a brick wall. You need credit to build credit &mdash; one of life's super-annoying catch-22s &mdash; but when your credit history is nonexistent or marred by past mistakes, just being approved for a credit card so that you can start over is an uphill battle. But not all hope is lost. A <a href="http://www.wisebread.com/the-5-best-secured-credit-cards">secured credit card</a> can provide the credit you need to establish or fix your credit.</p>
<p>Secured credit cards work just like unsecured cards, with one main difference: you give the bank a security deposit, and the amount of your deposit determines your credit line. These cards are the next best thing if you can't qualify for other credit cards. Here are six ways to maximize your experience with them.</p>
<h2>1. Start With a Smaller Credit Line</h2>
<p>A secured credit card is by no means a <a href="http://www.wisebread.com/5-best-prepaid-debit-cards">prepaid credit card</a>. The deposit is nothing more than collateral &mdash; in case you skip out on payments. You'll receive a monthly statement just like any other credit card, and you're required to make at least the minimum payment each month.</p>
<p>Ultimately, you determine your own credit line. You can give the bank a security deposit as low as $250 and receive a small credit line, or you can give the bank a security deposit of $2,000 and receive a higher credit line. But if you've had self-control problems in the past (and you probably have; that's why you have a secured credit card now), it might be best to start with a low deposit and credit line. Too much available credit might be too tempting, but with a low credit line you won't get in over your head.</p>
<h2>2. Make Sure the Bank Reports to the Bureaus</h2>
<p>Not every bank issuing a secured credit card reports to the credit bureaus every month. Since you're trying to rebuild or establish credit, it's crucial that the bank updates your credit report with positive activity, such as timely payments.</p>
<p>Read the fine print before applying for a secured credit card or contact the bank and ask how often it reports to the three credit bureaus. Some banks only update credit reports every few months, while other banks never send updates. Ideally, you want to get a secured credit card from a bank that reports activity every single month.</p>
<h2>3. Minimize Credit Card Fees</h2>
<p>Secured credit cards are helpful, but expensive. They might have an annual fee, which is also typical with some unsecured credit cards. But many secured credit cards also charge monthly maintenance and a setup fee. The bank charges these fees directly to the card, which means the credit card arrives in the mail with a balance &mdash; before you make your first transaction. You can't avoid fees, but you can shop around and compare the cost of different secured cards.</p>
<h2>4. Choose a Low-Rate Card to Save Money</h2>
<p>Don't believe anyone who says every secured credit card features a high interest rate. Yes, some cards have rates significantly higher than unsecured credit cards; this is expected since secured credit cards help individuals who need to build or rebuild their credit. However, some secured credit cards also feature competitive rates. If you know you're going to carry a balance from month-to-month, compare rates before applying to <a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards">save on interest charges</a>.</p>
<h2>5. Only Buy What You Can Afford</h2>
<p>A secured credit card can <a href="http://www.wisebread.com/how-to-use-credit-cards-to-improve-your-credit-score">improve your credit history</a>, but only if you use the card responsibly. Timely payments make up 35% of your credit score, so you need to pay your statements on time every month. Since the amount you owe makes up 30% of your credit score, only charge what you can afford and pay off your balance every month. Your spendthrift days are officially over, son.</p>
<h2>6. Ask Questions and Know What You're Getting</h2>
<p>When it's all said and done, a secured credit card is a steppingstone to an unsecured card. Depending on your bank, you may automatically qualify for an unsecured credit card after 12 to 18 months of timely payments, at which time the bank refunds the security deposit. But, you won't know about this perk unless you ask. Additionally, some banks will <a href="http://www.wisebread.com/capital-one-secured-mastercard-credit-card-review">increase the credit line on a secured credit card</a> without requiring an additional deposit from a cardholder, and some secured credit cards come with a rewards programs or offer other perks, such as free access to credit reports.</p>
<p><em>Do you have experience with secured credit cards? How did they help you?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/how-to-get-the-most-out-of-your-secured-credit-card">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7">
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<span class="field-content"><a href="http://www.wisebread.com/how-to-rebuild-your-credit-in-8-simple-steps">How to Rebuild Your Credit in 8 Simple Steps</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/are-you-a-credit-invisible-get-seen-by-building-your-score">Are You a Credit Invisible? Get Seen by Building Your Score</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-for-college-students">The 5 Best Credit Cards for College Students</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/6-secured-credit-card-facts-to-remember">6 Secured Credit Card Facts to Remember</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/10-signs-you-ought-to-get-another-credit-card">10 Signs You Ought to Get Another Credit Card</a></span>
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</li>
</ul>
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</div> </div><br/></br>Credit Cardsbuilding creditcredit historyThu, 16 Apr 2015 17:00:08 +0000Mikey Rox1386150 at http://www.wisebread.comBack in Debt? Here's How to Pay it Off for Goodhttp://www.wisebread.com/back-in-debt-heres-how-to-pay-it-off-for-good
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<p>Finding yourself back in debt after having paid it off before is a horrible feeling. I know, because I've been there. In 2012, I spent 14 months aggressively paying off <a href="http://www.huffingtonpost.com/carrie-smith/getting-out-of-debt-_b_1581507.html">$14,000 of consumer debt</a> and worked hard to become debt free for the first time in life.</p>
<p>Then, in 2013 I decided to quit my job to pursue my own freelance business. This is when my financial situation became much more volatile and resulted in taking on a bit of business debt to keep things going. So when I say that it's a horrible feeling to be debt free only to find yourself back in debt, I mean it. It's not fun!</p>
<p>If you find yourself in a similar place, here's the strategy I'm using to pay it off again &mdash; and keep myself out of debt <em>for good</em>.</p>
<h2>Identify the Problem</h2>
<p>Before you can begin to pay off debt and get back on track, it's vital that you understand <em>why </em>and <em>how </em>you're back in the situation. Creating a permanently debt-free life is much more difficult than working towards becoming free of debt for the first time.</p>
<p>The mindset and lifestyle changes are vastly different. This is something I miscalculated when I first got out of debt, as I obviously didn't change my mindset or spending habits sufficiently. I'd stopped using credit cards as part of my debt payoff plan, but after about a year I thought I could handle using them again. Wrong!</p>
<p>I also thought that <a href="http://www.wisebread.com/basic-tips-for-investing-in-a-business-1">investing in a new business</a> was a smart idea as it would pay off in the long run. That's all well and good, but you have to draw the line as <em>how much</em> you're going to invest in business ventures and <em>how often</em> you use credit cards as an extension of your income.</p>
<p>The need to depend on personal loans or credit cards for additional cash flow proved that my new business wasn't bringing in enough income to survive on its own. Doing a thorough inventory of my spending habits to elucidate why I was back in debt again showed that I needed to not only change my mindset, but also find ways to bring in more money.</p>
<h2>Try a New Plan of Action</h2>
<p>Obviously, if you've gotten out of debt once you can do it again, but in order for this time to really stick, you have to change your approach and try something new. As Albert Einstein put it, &quot;Insanity: doing the same thing over and over again and expecting different results.&quot; So don't expect to follow the same plan and have it work better this time.</p>
<p>My mistake was that I viewed getting out of debt as the end goal. But getting out of debt is merely step one, and <em>staying out of debt</em> while changing your mindset and spending habits is a very long-term step two.</p>
<p>My new plan of action includes:</p>
<ul>
<li>Finding ways to level out my inconsistent income<br />
&nbsp;</li>
<li>Bringing in multiple streams of income to have more of a cushion<br />
&nbsp;</li>
<li>Stopping the use of credit cards and loans as an extension of income<br />
&nbsp;</li>
<li>Working with an accountability partner to stay on track<br />
&nbsp;</li>
<li>Living well below my means and doing monthly budget check-in<br />
&nbsp;</li>
<li>Performing a cash budget challenge (or other spending challenge) on a quarterly basis</li>
</ul>
<h2>Decide How You Want to Live</h2>
<p>There are two key parts to being debt free: staying out of debt, and living a life without using debt as a tool to get what you want. For me, that second part has been the most difficult. Your <a href="http://www.wisebread.com/13-things-you-dont-know-about-your-credit-report-but-should">credit history and score</a> is basically determined by how much debt you leverage and pay off over time.</p>
<p>So if you don't want to use debt to buy things, you will have to face that fact that it won't be easy. Most banks and lenders will not understand your reasoning for paying. And there will be instances where you simply cannot buy something without using debt, so you and your family will have to come to grips with this limitation.</p>
<p>As long as you define a new set of priorities and have a renewed plan of attack, you'll be able to move forward and pay off debt for good. Take comfort in knowing that you don't have to stay here, and that since you've been debt free once, you can do it again. But now you'll have more experience and lessons to fall back on!</p>
<p><em>Have you ever fallen back into debt? How did you climb back out again?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/carrie-smith">Carrie Smith</a> of <a href="http://www.wisebread.com/back-in-debt-heres-how-to-pay-it-off-for-good">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8">
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<span class="field-content"><a href="http://www.wisebread.com/10-things-people-without-debt-do">10 Things People Without Debt Do</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/4-ways-to-stop-your-spouse-from-overspending">4 Ways to Stop Your Spouse From Overspending</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/oops-i-maxed-out-my-credit-cards-now-what">Oops — I Maxed Out My Credit Cards. Now What?</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/account-in-collections-heres-how-to-fix-it">Account in Collections? Here&#039;s How to Fix It</a></span>
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<span class="field-content"><a href="http://www.wisebread.com/6-times-when-its-okay-to-take-a-loan">6 Times When It&#039;s Okay to Take a Loan</a></span>
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</div> </div><br/></br>Debt Managementcredit historyfinancesowing moneypaying backspending habitsThu, 16 Apr 2015 11:00:09 +0000Carrie Smith1386121 at http://www.wisebread.com15 Surprising Ways Bad Credit Can Hurt Youhttp://www.wisebread.com/15-surprising-ways-bad-credit-can-hurt-you
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<p>Everyone knows that bad credit can prevent you from getting a mortgage, credit card, or other loan. But did you know that in addition to hurting you financially, bad debt can damage you emotionally and even romantically? If you have a low credit score, it's important to <a href="http://www.wisebread.com/a-secured-credit-card-can-repair-your-credit-score-heres-how-to-pick-the-best">take steps to improve your number</a> in order to avoid these problematic issues.</p>
<h2>1. Damage to Your Relationships</h2>
<p>Often when people cannot borrow money from a traditional lender due to bad credit, they turn to friends and family to bail them out. Being late on a credit card payment will damage your credit rating. But being late on a promise to pay back a friend can destroy your relationship.</p>
<p>Bad credit has a terrible impact on marriages. Jeffrey Dow, a Faculty Fellow at the National Marriage Project, has extensively studied the impact of consumer debt on marital satisfaction. Dow's research uncovered that, in addition to being cited as the leading cause of divorce in America, financial disagreements were a much better <a href="http://www.stateofourunions.org/2009/bank_on_it.php">predictor of future divorce</a> than even sexual disagreements.</p>
<p>&quot;Compared with disagreements over other topics, financial disagreements last longer, are more salient to couples, and generate more negative conflict tactics, such as yelling or hitting, especially among husbands,&quot; Dow says. &quot;Perhaps because they are socialized to be providers, men seem to take financial conflict particularly hard. Not surprisingly, new research that I have done indicates that conflict over money matters predicts divorce better than other types of disagreement.&quot;</p>
<p>And, talk about kicking you when you are down. <a href="http://www.experian.com/ask-experian/20070919-how-divorce-can-impact-your-credit-scores.html">During a divorce</a>, a credit score can be used as leverage when dividing up assets!</p>
<h2>2. Lack of Access to Emergency Money</h2>
<p>One of my friends nearly lost her dog to cancer last year. Because of her low credit score, she was unable to get an emergency loan to cover her beloved pet's medical bills. Luckily, she was able to raise the money for treatment by crowd sourcing. Unfortunately, this kind of happy ending is uncommon. Outspending your means could leave you vulnerable to a medical catastrophe.</p>
<h2>3. Limited Mobility</h2>
<p>Hurricane Katrina was devastating to just about everyone in New Orleans, but many people were put in harm's way due to financial obstacles. Katrina struck on August 29, two days short of payday for some of the city's poorest residents. With no cash on hand and no credit, people literally lost their lives because they <a href="http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1854973/">couldn't afford to pay</a> for a bus ticket or gasoline to evacuate the area.</p>
<p>Airline tickets cannot be purchased with cash. While this seems like a First World problem, homesickness and the desire to go home is a universal feeling. In addition to keeping you away from loved ones, having a low credit rating can keep you from getting the <a href="http://www.wisebread.com/the-best-new-travel-rewards-cards-on-the-block-barclaycard-arrival-world-plus-world-elite-mastercard">best credit card for travel</a>. With the right rewards card, travelers can save thousands of dollars by using mileage points to purchase tickets and accommodations, and avoiding foreign service fees for cash advances and purchases.</p>
<p>Poor credit can also keep you from owning a car or getting affordable insurance, which in turn can keep you from taking jobs that require a car.</p>
<h2>4. Jacked Up Car Insurance Rates</h2>
<p>Although this is illegal in some states, some car insurers have decided that there's a connection between on-time payments and reckless driving&hellip; and jack up the rates or deny auto coverage accordingly. Not having car insurance can obviously negatively impact the quality of life of anyone who is dependent on a car for work.</p>
<h2>5. Increased Property Insurance Costs</h2>
<p>Some insurance companies see a correlation between low credit scores and high insurance claims, and inflict punitive rate increases on customers with poor credit. Although California, Massachusetts, and Maryland prohibit this practice, <a href="http://www.insurancejournal.com/news/national/2014/08/14/337527.htm">people with poor credit</a> pay a least twice as much as people with excellent credit in most states. For example, if you live in West Virginia and have poor credit, you will pay up to 208% more than your neighbor with a high credit score!</p>
<h2>6. A Struggle to Refinance a Mortgage</h2>
<p>Following the epidemic of foreclosures, new banking rules have been applied that make borrower's creditworthiness even more critical to negotiating a reasonable interest rate for home loans. Getting a loan allowed me to turn my rundown house into a beautiful rental property that pays for itself every month. The ability to get a loan for home improvement revolutionized my life by putting me on the fast track to financial independence.</p>
<h2>7. Difficulty Renting</h2>
<p>As a landlord, I check the credit score of potential tenants for late payments. I won't rent to people with too many late payments because the eviction process costs me too much time and money. It doesn't matter how much I like the prospective renter; I've learned the hard way that any goodwill I might have will be quickly turned into hate by tardy renters who have to be nagged into paying. I am not alone in this practice of judging prospects by their creditworthiness. In fact, most landlords I know only look at the credit score and don't allow potential renters to put their low score into context (i.e. &quot;I was hit by a drunk driver and my medical bills bankrupted me!&quot;).</p>
<h2>8. Grim Job Prospects</h2>
<p>Most people I know don't have a poor credit rating because they are shopaholics. When the recession hit, a lot of unemployed people had to make emergency financial decisions that are still dogging them today.</p>
<p>There's a push to prevent employers from using credit reports against potential employees. But right now you can be denied a job due to a poor credit score. Allegedly, employers are supposed to inform you if your credit is the reason you were not hired, but this is no consolation to any job seeker who really wants and needs to work. One out of four Americans have had to go through an employer credit check, and one out of 10 are <a href="http://money.cnn.com/2013/03/04/pf/employer-credit-checks/">denied work</a> because of a low credit score.</p>
<h2>9. Stunted Growth for Start-Ups</h2>
<p>Many lenders require borrowers to put up their home as collateral for a small business loan. But even getting a home equity line of credit requires a good credit rating. Like landlords, many franchisers make decisions about licensing new franchises based on credit rating.</p>
<h2>10. Higher Interest Rates</h2>
<p>Even if you are able to borrow money, borrowers who are considered to be higher risk pay higher interest rates.</p>
<h2>11. Loss of Basic Utilities</h2>
<p>Utilities regularly check credit before beginning service. If you have been late making payments &mdash; especially <a href="https://www.consumer.ftc.gov/articles/0220-utility-services">utility payments</a> in the past &mdash; you might be required to pay a deposit in order to get service.</p>
<h2>12. Impact on Professional Licensing</h2>
<p>The Fair Credit Reporting Act allows government agencies that regulate professions to use credit reports. This means that states can require proof of creditworthiness before issuing everything from medical licenses to doctors, to construction licenses to contractors.</p>
<h2>13. Lack of Disposable Income</h2>
<p>I am currently <a href="http://www.wisebread.com/the-most-valuable-thing-debt-takes-from-you-isnt-money-its-this">working furiously</a> to pay down my home equity line of credit early, so I can achieve the peace of mind that financial independence offers, and save thousands of dollars in interest payments. In order to achieve this goal, I have cut out pretty much all varieties of elective spending. No eating out. No dry cleaning. No college classes. No new purchases beyond the absolute necessities, such as food and health care. While I spend part of every day feeling annoyed and inconvenienced by my lack of ready cash, I make an effort to realize that my situation is temporary. I will enjoy a better retirement because of the savings I am making today.</p>
<p>People with poor credit spend more on fees and interest and, therefore, have less money to spend on experiences that enrich their lives.</p>
<h2>14. Increased Stress</h2>
<p>When I was 20, I watched as a sales clerk cut up my credit card right in front of me. That experience scared me straight. I will do almost anything to avoid public shaming, including pay my bills on time. However, most people would rather struggle with the <a href="http://www.wisebread.com/is-peer-pressure-keeping-you-poor">stress of debt</a> than admit that they can't afford something.</p>
<h2>15. Poor Quality of Life</h2>
<p>Debt can keep you from getting an education. It can keep you in an unhealthy relationship. It can keep you from getting a better job. Debt can keep you from fulfilling your potential as a person.</p>
<p>Every journey starts with a single step, including the journey towards creditworthiness. Even if you can only afford to pay down an extra $10 a month on your credit card debt, that is $10 you are spending to make your future better and more financially secure.</p>
<p><em>Don't you deserve a better future?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/max-wong">Max Wong</a> of <a href="http://www.wisebread.com/15-surprising-ways-bad-credit-can-hurt-you">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-9">
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</div> </div><br/></br>Personal Financecredit historycredit scoresloansmortgagesquality of liferelationshipsWed, 08 Apr 2015 13:00:08 +0000Max Wong1370440 at http://www.wisebread.com4 Credit Report Mistakes That Could Be Costing You Bighttp://www.wisebread.com/4-credit-report-mistakes-that-could-be-costing-you-big
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<p>Getting your credit application rejected can put a major hold on your life plans.</p>
<p>It doesn't matter whether it's for the new car that you so desperately need, or for the bonus 50,000 air miles that come with that fancy credit card; getting rejected sucks. And while you may think that you're doing a good job with your credit score, that may not always be the case (See also: <a href="http://www.wisebread.com/10-surprising-ways-to-negatively-affect-your-credit-score?ref=seealso">10 Things You Didn't Know Are Lowering Your Credit Score</a>).</p>
<p>Here are four credit report mistakes that you need to watch out for.</p>
<h2>1. Unforeseen Hard Inquiries</h2>
<p>A hard inquiry takes places every time a potential lender reviews your credit. While these so-called &quot;hard inquiries&quot; may lower your credit score a bit, they're necessary for lenders to determine your ability to pay back a loan (or your likelihood to default on payments).</p>
<p>In general, having too many hard inquiries is not good for your credit report because it shows that you may be taking on more credit that you can handle. The exception to this rule is when you're rate shopping within a short period of time for a mortgage, car note, or student loan. In fact, rate shopping is encouraged by credit reporting bureaus. For example, FICO considers all mortgage rate shopping within a 45-day period as a single inquiry.</p>
<p>However, there are surprising items that may also unwittingly trigger a hard inquiry.</p>
<ul>
<li>Expect a credit check when you pay for a rental car with a debit card. Some companies will double-check that you're capable of paying in case of a major loss.&nbsp;</li>
</ul>
<ul>
<li>As portrayed in the TV sitcom <em>New Girl</em>, buying an expensive smartphone may require your mobile provider salesperson to look up your credit score.<br />
&nbsp;</li>
<li>With some online credit card portals, requesting a credit limit increase is as easy as just clicking a button. Still, when you start this process, the credit card company most likely runs a credit check.</li>
</ul>
<p>Keep these events in mind so that you don't end up with too many hard inquiries on your credit report. (See also: <a href="http://www.wisebread.com/zooey-deschanel-never-pays-late-fees-and-5-other-smart-money-lessons-from-celebrities?ref=seealso">Zooey Deschanel Never Pays Late Fees and 5 Other Smart Money Lessons From Celebrities</a>)</p>
<h2>2. Identification Problems</h2>
<p>When you request your <a href="http://www.annualcreditreport.com">annual credit report</a>, it's very tempting to skip the identification section. After all, it just contains your name, date of birth, residence address, name of spouse, and phone number.</p>
<p>Think again.</p>
<p>This section is one of the most common sources of credit report mistakes. Your credit report is compiled from data from the three major credit bureaus: Equifax, Experian, and TransUnion. Each one of these keeps their own data, so one or all of them may run into an error.</p>
<p>While some errors may be minor, such as leaving out your apartment number, others may be very serious, such as mixing up John Smith, Sr. with John Smith, Jr. Depending on the payment history of the person that you're being mixed with, your credit history may be negatively affected.</p>
<p>Make sure to check your personal information and be on the lookout for mistakes. Major red flags for possible credit fraud are:</p>
<ul>
<li>An incorrect birth date,<br />
&nbsp;</li>
<li>A residence address that you don't recognize,<br />
&nbsp;</li>
<li>An unusual phone number; or<br />
&nbsp;</li>
<li>A spouse or co-applicant when you don't have one.</li>
</ul>
<p>If you have an issue with your credit report, you can submit a complaint with the <a href="http://www.consumerfinance.gov/complaint/#credit-report">CFPB online</a> or by calling (855) 411-CFPB (2372).</p>
<h2>3. Unrequested Closed Accounts</h2>
<p>While paying off a credit card is always a good idea, closing a credit card is not. That's because 15% of your FICO Score is based on the length of your credit history. This means that you want to keep your accounts open so that you can demonstrate to lenders that you're capable of using credit responsibly for an extended period of time. (See also: <a href="http://www.wisebread.com/how-to-use-credit-cards-to-improve-your-credit-score?ref=seealso">How to Use Credit Cards to Improve Your Credit Score</a>)</p>
<p>Unrequested closed accounts can damage your credit score in two ways:</p>
<ul>
<li>The average age of your credit accounts shrinks. This is particularly bad when the closed account is your oldest account.&nbsp;<br />
&nbsp;</li>
<li>Your credit utilization ratio is likely to increase. Let's say that you have two credit cards, each with a credit limit of $1,000. Since you have a balance of $200 on one and $300 on the other, you are utilizing 25% of your available credit. If you pay off and close the credit card with the $200 balance, now your credit utilization ratio goes up to 30%.</li>
</ul>
<p>This is why you need to check the fine print of your store cards and credit cards. To keep your card open, some companies may require you to have a minimum balance or activity threshold for a specific period of time. For example, when I bought my wife her diamond ring at Kay Jewelers, I financed part of the purchase with a store card. After paying off the balance, I didn't use the card for an entire year and Kay notified me via mail that my card had been closed due to inactivity.</p>
<h2>4. Owing Money to Uncle Sam</h2>
<p>It goes without saying that owing money to the IRS is such a bad idea that it will hurt your credit report as well. (See also: <a href="http://www.wisebread.com/how-to-rebuild-your-credit-in-8-simple-steps?ref=seealso">Simple Ways to Rebuild Credit</a>)</p>
<p>What you may not know is that there are many more ways in which you can end up with a public record on your credit report.</p>
<p>The most common example that I see here in Hawaii is when tourists get a parking ticket or speeding violation. Whether intentionally or unintentionally, the tourist forgets to pay the citation charge (&quot;Hey, I'm on vacation, man!&quot;), and that's when things start heading south. Not only will the tourist get hit with a fee from the rental car company, but the government will also likely try to collect the money from the tourist.</p>
<p>Ignore the charge at your own peril. If the government turns the account to a collection agency, they will not only add penalty fees but also report the lien to the credit reporting bureaus. A public record stays on your credit report up to seven years. Public records are taken very seriously by potential lenders.</p>
<p>To avoid public records hitting your credit history, follow these three tips.</p>
<ul>
<li>Pay all government fines, ranging from public library fees to moving violation tickets, on time;<br />
&nbsp;</li>
<li>Notify the U.S. Postal Service every time you move, so you never miss a government bill; and<br />
&nbsp;</li>
<li>Check your credit report for derogatory public records, such as bankruptcies, judgments, liens, and convictions that didn't actually happen.</li>
</ul>
<p><em>Have you ever spotted an error on your credit report? What did you do? Share your story in comments.</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/4-credit-report-mistakes-that-could-be-costing-you-big">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-10">
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</div> </div><br/></br>Personal Financecreditcredit historycredit reportcredit scoreWed, 04 Mar 2015 10:00:08 +0000Damian Davila1316898 at http://www.wisebread.comWhat the New Credit Card Formula Means for Your Wallethttp://www.wisebread.com/what-the-new-credit-card-formula-means-for-your-wallet
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<p>FICO, the company that provides information to the three major credit bureaus, has made changes that could potentially lead to higher credit scores for millions of Americans.</p>
<p>The changes <a href="http://www.fico.com/en/about-us/newsroom/news-releases/fico-score-9-introduces-refined-analysis-medical-collections/">announced in August from Fair Isaac (FICO)</a> could help those dealing with medical debt, and will also give a boost to people who were dinged with collections but paid off the related debts.</p>
<p>Here's a look at what the changes mean for you.</p>
<h2>Medical Bills Won't Hurt You as Much</h2>
<p>FICO said that if you are someone whose only negative references are for medical collections, your score will rise an average of 25 points. FICO said it will use a &quot;more sophisticated treatment&quot; to determine the difference between medical and non-medical collections. In essence, FICO learned that many borrowers have medical debt, but that it's not necessarily an indicator that they won't pay back other monies owed. Critics of previous rules said penalizing people for medical debt was unfair, because patients often don't know what they owe hospitals and doctors and high medical fees combined with limited insurance coverage can be catastrophic to people's budgets.</p>
<h2>Collections Won't Be Viewed Badly, as Long as You Eventually Paid</h2>
<p>Under previous rules, borrowers saw their credit scores go down if there was any record of a collection &mdash; even if they eventually paid the debt off in full. In fact, those collections stayed on a person's record as long as seven years, even if they had no other unpaid debts. Now, getting a visit from a collection agency won't hurt you, as long as you pay whatever was owed. The Wall Street Journal reports that <a href="http://blogs.wsj.com/totalreturn/2014/10/17/millions-of-consumers-to-gain-access-to-credit-scores/">about one in ten people who had a collection</a> now have no balance at all. (See also: <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=internal">Best Secured Credit Cards to Rebuild Credit</a>)</p>
<h2>Borrowing Should Be Easier</h2>
<p>In general, these changes should cause credit scores to go up for most people. That means more people could qualify for loans and credit cards, and those who could already borrow will now get access to lower interest rates. But be careful: Just because you're eligible to borrow more money doesn't mean it's necessarily wise to do so.</p>
<p>In an interview with the Wall Street Journal, one lawyer specializing in consumer protection warned of the possible negative consequences.</p>
<p>&quot;A lot of people really just can't handle credit &mdash; you're not really helping them by allowing them to dig themselves into debt,&quot; Howard Strong, a lawyer in Tarzana, California, told the newspaper. &quot;It's like a sharp knife &mdash; if you don't know how to use it, you can cut yourself.&quot;</p>
<h2>For Those With a Thin Credit History, It Could Go Either Way</h2>
<p>If you're just starting to build your credit, you have what FICO refers to as a &quot;thin file.&quot; Previously, those with &quot;thin files&quot; were judged in absolute terms &mdash; you either paid your bills or you didn't. Now, FICO has the ability to analyze new borrowers in a more nuanced way. Depending on your payment history, this could improve your score or cause it to go down. If you've been great about paying your bills, even if you have a thin file, you'll probably be unaffected. On the flipside, you probably won't see your score improve if you've missed a lot of payments. It's those folks in the middle that may see an adjustment.</p>
<h2>It May Not Impact Anything Right Away</h2>
<p>FICO is hoping all three credit bureaus adopt the new scores this year. But it will take some time for lenders to adjust their policies. FICO said it will begin educating lenders now in the hopes they will be on board with the changes later in 2015.</p>
<h2>It's Still up to the Lender</h2>
<p>The FICO Score 9 is not the only score that lenders can look at. The Wall Street Journal reported that <a href="http://blogs.wsj.com/totalreturn/2014/10/17/millions-of-consumers-to-gain-access-to-credit-scores/">there are about 45 different kinds of scores</a> that lenders can look at, depending on the type of loan a borrower may be seeking. And even if they do look at the new FICO score and like what they see, they might still deny your loan for other reasons.</p>
<h2>None of This Matters If You're Awesome</h2>
<p>These changes to FICO scores could have an enormous positive impact for those with debt. But if you use credit responsibly by paying bills in full and on time, you probably already have great credit and won't notice much of a change.</p>
<p><em>Do you expect the new FICO formula to change your credit score? Or are you already awesome?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/what-the-new-credit-card-formula-means-for-your-wallet">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-11">
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</div> </div><br/></br>Credit Cardsborrowingcredit historycredit scoreEquifaxExperianficolendingTransUnionMon, 22 Dec 2014 14:00:11 +0000Tim Lemke1270234 at http://www.wisebread.comThis One Ratio Is the Key to a Good Credit Scorehttp://www.wisebread.com/this-one-ratio-is-the-key-to-a-good-credit-score
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<p>A credit score is a bit like the Da Vinci Code; it's a serpentine web of myth and mystery that's hard to crack. But there is a Holy Grail of sorts here too. Of all the different factors that feed into your credit score, many experts believe that there is one factor that stands above the rest in keeping your score high. The fact that this one ratio is so important is a little counterintuitive, so simply understanding its importance can unlock the higher credit score you've been looking for. (See also: <a href="http://www.wisebread.com/how-to-rebuild-your-credit-in-8-simple-steps?ref=seealso">How to Rebuild Your Credit in 8 Simple Steps</a>)</p>
<p>So what is it? It's called the <em>credit utilization ratio</em>.</p>
<h2>A Complicated Calculation</h2>
<p>So what exactly is the credit utilization ratio? It's simply your total credit card balances divided by your total credit card limits. So, if you have, say, $15,000 of available credit on your credit card(s), and have an outstanding balance of $5,000, your credit utilization ratio is about 33%.</p>
<p>Now, that isn't so complicated and mysterious, is it? But where things start getting a little weird is when you come to understand exactly how this ratio functions in terms of your credit score. As a financially literate person who handles debt with caution (you're reading Wise Bread, after all), you might assume that having no more available credit than is strictly necessary is a good thing. After all, why have more available credit to tempt you away from sticking to your budget and staying out of debt?</p>
<p>Well, because it's important to maintaining your credit score, that's why.</p>
<p>Credit utilization accounts for about 30% of your credit score. And while on a strictly practical basis having less credit available to you is probably a good idea, experts typically recommend that you never allow your credit utilization ratio to exceed 30%. What that means is that if you have only one credit card with a relatively low $5,000 limit, you should never allow the balance to exceed $1,500. Even if you're a person who conscientiously pays off that card each and every month, that can get tricky. Use your card to get a <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=inarticle">great deal on a vacation</a> online and you could blow your credit utilization ratio.</p>
<p>What it all means is that in order to have the best possible credit score, you need more available credit that you never use.</p>
<h2>The Plot Thickens&hellip;</h2>
<p>So let's dig a little deeper into how to get your credit utilization rate at an optimal level for your credit score.</p>
<p>Now, I mentioned that experts typically recommend that it not exceed 30%. However,<a href="https://www.creditkarma.com/article/CreditCardUtilizationAndScore"> research conducted by Credit Karma</a> looked at 70,000 credit scores and their corresponding credit utilization rates and found that the lower your credit utilization rate, the higher your credit score &mdash; except if you have 0% utilization. In fact, those with the highest credit scores had a utilization rate of 1% to 10%.</p>
<p>It is also important to note that in the FICO credit scoring model (the most common credit scoring model used in the U.S.), credit utilization is scored in two separate ways. First, the credit utilization for each of your credit cards is calculated separately. Then, the total of all your credit card balances is compared to your overall credit limit. What that means is that not only is more available credit important to achieving a higher credit score, but that available credit should be spread out over more than one credit card.</p>
<p>Ideally, you should keep both your balance on each card and your overall balance across all cards as low as possible.</p>
<h2>How to Beat the System</h2>
<p>OK, so now that you've unlocked how the credit utilization ratio affects your credit score, it's time to look at exactly what you can do to keep your ratio at the most optimal level possible. Here are few key moves to make &mdash; without becoming a debt junkie.</p>
<h3>Spend Less</h3>
<p>One very simple way to improve your credit utilization ratio is to simply spend less on your credit cards. Work on converting to a cash budget and save up for big purchases in advance. It's as simple as that.</p>
<h3>Expand Your Available Credit</h3>
<p>When it comes to credit, less is definitely more, but it's better to use less than to have less available. So, if you're a person who regularly spends a lot on your credit card &mdash; whether for convenience or to <a href="http://www.wisebread.com/5-best-gas-rewards-credit-cards?ref=inarticle">earn points</a> &mdash; it's best to make more credit available to keep your credit utilization ratio in the optimal zone.</p>
<p>But no matter how much credit you use, just be sure to pay off your balance on time every month &mdash; the age of your debts and your payment history have a big impact your credit score, too. If you don't trust yourself, open a credit card, then cut it up. The credit's available, but you won't be using it.</p>
<h3>Be Careful About Closing Credit Cards</h3>
<p>Closing credit cards can be a good <a href="http://www.wisebread.com/5-strategies-to-wipe-out-your-credit-card-balance?ref=inarticle">debt reduction strategy</a>, but not if it pushes your credit utilization ratio up. If you want to reduce the amount of available credit you have, cut your spending and average monthly balance first.</p>
<h3>Watch the Rest of Your Score, Too</h3>
<p>Of course, credit utilization isn't the only factor in your credit score. Your payment history, age of credit, mix of credit, and credit inquiries all play a role. Improving your credit utilization ratio is a simple way to boost your credit score, but it isn't the only way. And, if you have bad credit as a result of past financial decisions, it shouldn't be the only way.</p>
<h2>The Big Reveal</h2>
<p>If you're feeling confused about why you would be rewarded for having more available credit, it's important to remember exactly who's in charge of the entire notion of a credit score: lenders.</p>
<p>So, while having a good credit score can have a lot of financial benefits for you, the scoring itself isn't designed for your benefit; it's designed to help credit card companies and other lenders protect their interests. What that means for borrowers is that getting the best credit score isn't necessarily about making what appears to be the most logical financial choices; it's about playing the game. Just be sure you play it to win.</p>
<p><em>What do you do to keep the best possible credit score? Please share in comments!</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tara-struyk">Tara Struyk</a> of <a href="http://www.wisebread.com/this-one-ratio-is-the-key-to-a-good-credit-score">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-12">
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</div> </div><br/></br>Credit Cardscredit cardscredit historycredit scorecredit utilization ratioWed, 01 Oct 2014 13:00:07 +0000Tara Struyk1224394 at http://www.wisebread.com10 Signs You Ought to Get Another Credit Cardhttp://www.wisebread.com/10-signs-you-ought-to-get-another-credit-card
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<p>Another credit card&hellip; what, are you nuts?</p>
<p>Before you close this page, keep in mind that a properly managed credit card is a great way to build your credit history. For some, it may be the only way to build a credit history. There are <a href="http://www.smartasset.com/blog/news/growing-number-of-people-cant-afford-to-buy-or-rent-their-homes/">several Americans that cannot afford to buy a house</a> or qualify for a loan &mdash; because they don't have credit histories.</p>
<p>This is why you need to recognize the 10 signs when you ought to sign up for a new credit card.</p>
<h2>1. You Are Very Young</h2>
<p>Starting out on your own can be tough. You're doing a lot of things for the very first time: paying bills, signing up for rental agreements, and building your credit history. It is a good strategy to manage more than one credit card. All things remaining equal over the same time period, responsible spending with <em>two</em> credit cards will build a better credit score than spending with just one. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-for-college-students?ref=seealso">Best Credit Cards for College Students</a>)</p>
<h2>2. Your Only Card Is a Store Card</h2>
<p>Variety is the spice of life. And credit scores are no exception. For example, <a href="http://www.myfico.com/CreditEducation/Types-of-Credit.aspx">your credit mix determines 10% of your FICO score</a>. In the hierarchy of debt, store cards, such as a Macy's card, are at the bottom. While it is important to have a good standing on your store card(s), if those are your only sources of credit, then you're missing out on a potentially higher credit score. Credit cards, installment loans, and mortgages are more substantial forms of debt. In this scenario, by opening a credit card you're improving your credit mix. (See also: <a href="http://www.wisebread.com/store-credit-cards-that-dont-suck?ref=seealso">Store Cards That Don't Suck</a>)</p>
<h2>3. You Want Lower Interest Rates</h2>
<p>This is self-explanatory. If you can find a credit card with a <a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards?ref=inarticle">lower interest rate</a>, you should evaluate whether or not it makes sense to transfer your balance. For example, credit unions offer friendly credit card terms, including attractive features such as no annual fees and lower rates than banks. (See also: <a href="http://www.wisebread.com/9-good-reasons-to-choose-a-credit-union-instead-of-a-bank?ref=seealso">9 Good Reasons to Choose a Credit Union Instead of a Bank</a>)</p>
<p>Before transferring your balance, double check if the lower interest rate is only temporary. Often the lower interest rate may be valid only during a promotional period, before going up. Other companies offer only lower interest rates on <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=inarticle">balance transfers</a>, but not on new transactions.</p>
<h2>4. You Want to Consolidate Debt</h2>
<p>If done properly, consolidating all of your credit cards into a single new one could help you manage debt better.</p>
<ul>
<li>Most credit cards punish you with a $25 to $35 late fee if you miss a due date. It is harder to miss a single payment than several payments with different due dates.<br />
&nbsp;</li>
<li>If your new card has a 10% interest rate and all your old cards had a 19% interest rate, then you would be to pay down an extra $9 of principal for every $100 monthly payment.<br />
&nbsp;</li>
<li>Don't close your old credit cards because that lowers your average account age. The length of your credit history accounts for 15% of your FICO credit score.</li>
</ul>
<h2>5. You Can Improve Your Credit Payment History</h2>
<p>If you are able to pay off your credit card balances every single month, then you can take advantage of the most important element of your credit score: payment history. <a href="http://www.myfico.com/CreditEducation/Credit-Payment-History.aspx">Your credit payment history determines 35% of your FICO score</a>. If you open a new card, use it for one and only one thing, such as paying for gas, and pay off the balance every month, and you will boost your credit payment history.</p>
<h2>6. You Want to Rack Up Reward Points</h2>
<p>When you are an active member of a rewards program, you could open a co-branded credit card to give your points a major boost. Co-branded airline credit cards help you rack up miles with everyday purchases. Usually they offer bonus miles for purchases with that particular airline, so choose the card that is co-branded with your favorite airline. There are also general all-purpose travel rewards credit cards that allow you to rack up miles with purchases and then redeem them for flights or hotel rooms from a variety of partners. It all depends on how you like to travel.&nbsp;(See also: <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=seealso">5 Best Travel Reward Credit Cards</a>)</p>
<h2>7. You Haven't Signed Up for New Cards in a Long Time</h2>
<p>Extremes are bad. Just like opening too many cards in a short period of time would harm your credit score, not applying for new credit in a long time could keep your credit score flat. <a href="http://www.myfico.com/CreditEducation/New-Credit.aspx">New credit determines 10% of your FICO score</a>. If your credit score has remained the same for several years, the culprit may be that you haven't opened a new credit account for a long time. Think of this card as your opportunity to step up to the plate and show your credit management skills. Stay on the bench too long and credit agencies have no recent material to take a look at.</p>
<h2>8. Your Only Card Is Maxed Out</h2>
<p>Trying to pay off your maxed out card and improve your credit score at the same time may seem almost impossible. Juggling monthly payments and bills can be very stressful without the convenience of a credit card. At the same time, you don't want to fall into a vicious debt cycle.</p>
<p>In this situation, one way to lessen the burden is to get a <a href="http://www.wisebread.com/the-5-best-secured-credit-cards?ref=inarticle">secured credit card</a>. It works like a prepaid gift card: Your available balance is only what you deposit. While a secured credit card may not require a credit check, it still reports your credit management activity to the three credit bureaus. Not all secured credit cards are the same, so check the rules before signing up.</p>
<h2>9. You Travel Internationally (a Lot!)</h2>
<p>Your credit card may have great terms for domestic transactions but the minute that you spend abroad you may get dinged with one or more of these fees:</p>
<ul>
<li>Flat fee per foreign transaction;</li>
<li>Percentage fee for total purchase amount (usually 1% to 3%);</li>
<li>Foreign currency fee;</li>
<li>ATM fee;</li>
<li>Balance inquiry fee; and</li>
<li>Penalty fee for failed transactions.</li>
</ul>
<p>On top of all of these charges, your domestic credit card may have a daily limit and require you to call in advance to prevent the card from being blocked when used abroad. This is why you need to get a new (and hassle free!) credit card that you can use on your international travel.</p>
<h2>10. You've Been a Victim of Identity Theft</h2>
<p>Victims of credit card hacks, such as those stung by the <a href="http://money.cnn.com/2013/12/22/news/companies/target-credit-card-hack/">Target hack in 2013</a> and <a href="http://www.cnet.com/news/home-depot-victim-of-same-malware-that-hit-target-report/">Home Depot in 2014</a>, may not only have to freeze their credit reports but also to shut down their compromised credit cards. (See also: <a href="http://www.wisebread.com/the-worlds-4-biggest-credit-card-scams?ref=seealso">The World's 4 Biggest Credit Card Scams</a>)</p>
<p>In this case, you would have no other option than to sign up for another credit card to prevent any further damage to your credit score and history.</p>
<p><em>What are other signs you ought to get yourself another credit card? Please share in comments!</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/10-signs-you-ought-to-get-another-credit-card">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-13">
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</div> </div><br/></br>Credit Cardscredit cardscredit historynew creditnew credit cardMon, 29 Sep 2014 13:00:03 +0000Damian Davila1221624 at http://www.wisebread.com13 Things You Don't Know About Your Credit Report — But Shouldhttp://www.wisebread.com/13-things-you-dont-know-about-your-credit-report-but-should
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<p>Everybody knows that their credit report matters. But beyond that, most people don't know much else.</p>
<p>Here are 13 things you don't know about your credit report &mdash; but should.</p>
<h2>1. Scores and Reports Are Not the Same</h2>
<p>While many people use the terms &quot;credit report&quot; and &quot;credit score&quot; interchangeably, those two terms mean two completely different things.</p>
<ul>
<li>A credit report details your credit history, including personal data, detailed account information, inquiries into your credit history, and accounts turned over to collections.<br />
&nbsp;</li>
<li>A credit score is a number calculated by a financial institution to determine the your creditworthiness (or how likely you are to repay your debts).</li>
</ul>
<h2>2. There Are More Than 3 Credit Reporting Agencies</h2>
<p>When talking about credit agencies or bureaus, you may think of Experian, TransUnion, and Equifax. However, there are many other <a href="http://files.consumerfinance.gov/f/201207_cfpb_list_consumer-reporting-agencies.pdf">consumer reporting agencies</a> out there gathering data about you to help institutions make decisions about credit, insurance, or employment, and for other purposes.</p>
<h2>3. You May Not Have One</h2>
<p><a href="http://www.consumer.gov/articles/1009-your-credit-history">It is possible not to have a credit history</a>. If you have neither credit cards nor any type of loans, then you won't have a credit history. (See also: <a href="http://www.wisebread.com/building-a-credit-history?ref=seealso">How to Build Your Credit History</a>)</p>
<h2>4. Agency Scores Aren't The Same</h2>
<p>When talking about credit scores or reports, make sure that you're comparing apples to apples.</p>
<p>For example, let's imagine that you have a credit score of 660. Now try to evaluate that number with the following ranges:</p>
<ul>
<li>FICO: 300 &ndash; 850</li>
<li>Equifax: 280 &ndash; 850</li>
<li>Experian: 330 &ndash; 830</li>
<li>PLUS Score: 330 &ndash; 830</li>
<li>TransUnion's TransRisk: 300 &ndash; 850</li>
<li>VantageScore: 501 &ndash; 990 (versions 1.0 &amp; 2.0), 300 &ndash; 850 (version 3.0)</li>
</ul>
<p>Not so black and white, is it? Even when talking about a specific credit score you have to double check which one your lender is referring to. For example, there are <a href="http://www.bankrate.com/finance/credit/how-many-fico-credit-scores-do-you-have.aspx">53 different FICO credit scores</a>.</p>
<p>The Consumer Financial Protection Bureau analyzed <a href="http://files.consumerfinance.gov/f/2011/07/Report_20110719_CreditScores.pdf">200,000 files from all credit reporting agencies</a> and found that one out of every five Americans is likely to receive a score that is meaningfully different from the score used by a lender to make a credit decision.</p>
<h2>5. You Are Entitled to Free Credit Reports</h2>
<p>By <a href="http://www.consumer.ftc.gov/articles/0155-free-credit-reports">federal mandate</a>, you're entitled to a free annual credit report that includes all the information gathered by the three main credit bureaus. Every 12 months, you can request your free report by:</p>
<ul>
<li>Calling 1-877-322-8228;<br />
&nbsp;</li>
<li>Mailing this <a href="http://www.consumer.ftc.gov/articles/pdf-0093-annual-report-request-form.pdf">Annual Credit Report Request Form</a> and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281; or<br />
&nbsp;</li>
<li>Requesting it online at <a href="http://annualcreditreport.com">AnnualCreditReport.com</a>.</li>
</ul>
<p>Getting your own credit report doesn't hurt any of your credit scores.</p>
<h2>6. The Unemployed Get an Extra Report</h2>
<p>On top of your free annual credit report, you can get <a href="http://www.creditcards.com/credit-card-news/unemployed-free-credit-report-1282.php">another free report when you are unemployed</a>.</p>
<p>Why?</p>
<h2>7. Credit Reports Can Factor in Hiring Decisions</h2>
<p>One in 10 Americans has been <a href="http://money.cnn.com/2013/03/04/pf/employer-credit-checks/%20">denied a job due to information on their credit report</a>.</p>
<p>The reasoning is that some employers may perform background checks, which include credit report information. So, to be on the same page as potential employers and to be able to dispute any inconsistencies, you are granted a second free report.</p>
<p>The <a href="http://www.creditcards.com/credit-card-news/7-jobs-require-great-credit-1270.php">7 occupations that regularly check an applicant's credit history</a>:</p>
<ol>
<li>parking booth operator</li>
<li>the military</li>
<li>accounting</li>
<li>mortgage loan originator</li>
<li>Transportation Security Administration (TSA) officer</li>
<li>law enforcement officer</li>
<li>employment through temp agencies</li>
</ol>
<h2>8. You Can Get a Free Report After an Adverse Action</h2>
<p>If you believe that a company has taken adverse action against you, such as dramatically increasing your home insurance or denying employment, then the relevant consumer reporting company is required to give you a free copy of your consumer report. Other times that you can get a free credit score report are in case of mortgage scoring and risk-based pricing.</p>
<h2>9. Parking Tickets and Library Fines Appear on Your Report</h2>
<p>Your credit report includes details of public record, which includes debts to any level of government. This is why ignoring that public library fine comes back with a vengeance by popping up on your credit report and staying there for the next three to seven years. The same applies to parking tickets. (See also: <a href="http://www.wisebread.com/10-surprising-ways-to-negatively-affect-your-credit-score?ref=seealso">10 Surprising Ways to Hurt Your Credit Score</a>)</p>
<p>This is why it is important to always notify the U.S. Postal Service every time you move, so you never miss a bill from any city or state government.</p>
<h2>10. Some Late Payments Are Not Reported</h2>
<p>The industry standard for account delinquency starts 30 days after a due date.</p>
<p>This means that any payment within 30 days of its respective due date won't be reported to any of the credit bureaus. While it is a bad idea to pay your bills late, if you already got hit with a late payment, then you can take advantage of your grace period before it affects your credit report.</p>
<h2>11. Closing Accounts Hurts Your Credit Report</h2>
<p>While it may sound like a good idea in theory, closing accounts negatively affects your credit history in two ways.</p>
<p>First, it may lower your average account age, which is viewed negatively by credit reporting agencies. Generally, it is a <a href="http://www.transunion.com/personal-credit/credit-reports/closing-accounts-and-your-credit-score.page">bad idea to close your oldest credit account</a> if you have no other account as old as that one. Second, closing accounts always decreases your <a href="http://www.wisebread.com/reduce-your-credit-limits-to-manage-your-spending?ref=inarticle">available credit</a>, which increases your credit utilization rate. The higher this rate, the more likely you are to fall behind on debt payments.</p>
<h2>12. Time Heals All Credit Wounds</h2>
<p>No matter what kind of credit <em>faux pas</em> you have committed, it will not haunt you forever. Foreclosures, bankruptcies, and other <a href="http://www.myfico.com/crediteducation/questions/negative-items-on-credit-report-chapter-7-13.aspx">negative financial information will generally disappear from your credit report after 7 years</a>.</p>
<p>And finally...</p>
<h2>13. Your Credit May Land You a Date</h2>
<p>Turns out that some bachelors and bachelorettes enjoy deep conversations, long walks on the beach&hellip; and amazing credit histories. By submitting your credit score to <a href="http://www.creditscoredating.com">CreditScoreDating.com</a>, you may attract potential suitors and find the love of your life.</p>
<p>There is one catch: The creators of the dating site are still looking for a third party to verify credit scores. This means that you have to trust what others tell you about their credit histories and scores. Good luck!</p>
<p><em>Have you been surprised by what's in your credit report?</em></p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/13-things-you-dont-know-about-your-credit-report-but-should">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-14">
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</div> </div><br/></br>Personal Financecreditcredit historycredit reportcredit scoreFri, 26 Sep 2014 13:00:04 +0000Damian Davila1220790 at http://www.wisebread.comOpen Secrets: Surprising Things Your Spending Revealshttp://www.wisebread.com/open-secrets-surprising-things-your-spending-reveals
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<p>The chrome skull shift knob that I gleefully replaced the original shift knob with on my 1998 Mazda 626 several years ago has quite a story behind it. I had wanted one for ages, particularly since it would be such an incongruous detail on my boring car, and my husband bought and installed one for me to get himself out of the doghouse. He knew that an ironic skull shifter knob would go over much better than the traditional flowers.</p>
<h2>What a Chrome Skull Shift Knob Says About Me</h2>
<p>But the fact that he bought that chrome skull accessory with a credit card is enough for <a href="http://www.nytimes.com/2009/05/17/magazine/17credit-t.html?pagewanted=3&amp;_r=0">J.P. Martin</a>, a former executive of Canadian credit card and retail giant Canadian Tire, to assume that my husband would be at a higher risk for missing credit card payments. That&rsquo;s because Martin was one of the pioneers of data mining: the gathering and analysis of information about consumers based upon (among other things) their spending patterns and habits.</p>
<p>For example, J.P. Martin&rsquo;s data showed that consumers who bought things like felt pads for the bottom of their furniture, carbon monoxide detectors, and birdseed were extremely diligent about always paying their bills on time. Why do these purchases matter? Because they can give some insight into the psychology of the purchaser. In the case of felt furniture pads, someone who cares about protecting his hardwood floors is also someone who is likely to want to protect his credit score. Carbon monoxide detectors and birdseed indicate a sense of responsibility for others&mdash;why else pay to feed birds you don&rsquo;t own?</p>
<p>And of course, things like chrome skull car accessories and other after market car additions generally indicate someone who does not necessarily buy into the importance of financial responsibility&mdash;although that was certainly not true in my case.</p>
<p>While banks vehemently deny that they use data mining to make any changes to a cardholder&rsquo;s interest rate, credit limit, or other aspects of their account, the information is readily available to banks and card issuers, and gathering, analyzing, assessing, and selling that data is perfectly legal.</p>
<h2>Tracking Big Life Changes Is Big Business</h2>
<p>In particular, credit card issuers and retailers want to know if you are going through a major life change.</p>
<p>For example, many people have now heard the anecdote about how Target was able to determine that a teenage girl was pregnant before her father had a clue. As Charles Duhigg reported the anecdote in the <a href="http://www.nytimes.com/2012/02/19/magazine/shopping-habits.html?pagewanted=7&amp;_r=2&amp;hp">New York Times</a> (and again in his book <a href="http://charlesduhigg.com/the-power-of-habit/"><i>The Power of Habit</i></a>), Target&rsquo;s pregnancy-prediction model is able to use any shopper&rsquo;s buying habits to figure out she is pregnant. In one case, an angry father of a teenager complained to his local Target that the store had sent her coupons for baby-related items. He came to find out later that his daughter was, indeed, pregnant, and had simply not told him yet. Target knew he&rsquo;d be a grandfather before he did.</p>
<h3>Some Life Changes Make You a Better Customer</h3>
<p>Why does Target want to be able to send pregnant women coupons for cribs and onesies? Because major life changes often lead to major spending changes, as well. In particular, a new mother is poised to spend a great deal of money over many years, and during her pregnancy is the ideal time for retailers to earn her brand loyalty.</p>
<p>According to Duhigg, Target uses information gathered through loyalty cards, coupons, and credit card use in order to paint a picture of each shopper in order to target (ahem) advertising and coupons. Duhigg believes that this practice helps explain Target&rsquo;s incredible growth over the past decade&mdash;from $44 billion in 2002 to $67 billion in 2010.</p>
<p>Similarly, banks will comb through your data to determine if you have recently moved. Moving is an ideal time to market to cardholders, and banks will want to know as soon as possible so that it can alert its marketing partners&mdash;like home improvement businesses.</p>
<h3>And Some Life Changes Make You a Poor Credit Risk</h3>
<p>Of course, not all life changes are as happy as the arrival of a baby or the purchase of a new house. Credit card issuers are very interested in determining when a cardholder might be <a href="http://www.thedailybeast.com/articles/2010/04/06/how-mastercard-predicts-divorce.html?cid=hp:mainpromo6">going through a divorce</a>. Not that banks are interested in your romantic life per se; it&rsquo;s just that divorce is often a precursor to major financial troubles. So credit card issuers want to know what behavior is likely to indicate your marriage is on the rocks and if you might start missing payments.</p>
<p>What kinds of information indicate future divorce-related financial problems? Anything from a shift in buying habits&mdash;like switching from a high-end department store to a cost-conscious Dollar Store&mdash;to charging a session of marriage counseling on your credit card. When these changes occur, your card issuer may be interested to know and keep an eye on your account&mdash;although it is important to once again point out that credit card companies deny making any decisions or changes to cardholder accounts based on data mining.</p>
<h2>What Else Are They Doing with Your Data?</h2>
<p>While the use of data mining in managing the various risks of the credit card industry is not something that banks are going to openly talk about, there are a few indications of what this data mining is used for, other than promoting products.</p>
<p>For instance, the <a href="http://blogs.wsj.com/wallet/2009/02/23/american-express-paying-customers-300-to-leave/tab/article/">Wall Street Journal</a> reported in 2009 that American Express was offering certain cardholders $300 to pay off their remaining balances and close their accounts. Clearly, the credit card company felt that paying these individuals to voluntarily close their accounts would be the least risky option; a decision they presumably came to after examining the information about those cardholders&rsquo; spending and payment patterns.</p>
<p>But the data available through your credit card usage is not just useful to the credit card industry itself. Insurance companies are also interested in your buying habits. For instance, <a href="http://www.economist.com/node/21556263">The Economist</a> reports that &ldquo;people who frequent ATMs so they can make cash payments tend to live longer than those who prefer writing cheques or paying with credit cards&hellip;Why this should be is not clear: some speculate that ATM users tend to be more spontaneous types, who like to have cash in their pocket and whose lifestyle may be more active.&rdquo;</p>
<p><a href="http://www.forbes.com/sites/kashmirhill/2012/06/15/data-mining-ceo-says-he-pays-for-burgers-in-cash-to-avoid-junk-food-purchases-being-tracked/">Kevin Pledge</a>, a data analyst with Insight Decision Solutions, takes the insurance industry&rsquo;s interest in purchases to a somewhat paranoid level: in the eventuality that data miners (and insurers) take a look at your food purchases, he has given up using his loyalty card to buy junk food at grocery stores and pays for his burgers in cash.</p>
<h2>The Bottom Line</h2>
<p>Mr. Pledge&rsquo;s paranoia may be justified. The fact of the matter is that your information is available to data miners, and privacy law will take some time to catch up. Until then, banks and other industries will continue to take advantage of the enormous amount of data available&mdash;to sell to you, to assess your riskiness, and to tailor their services to your needs. Being aware of this practice is the first step in making sure it doesn&rsquo;t bite you in the butt.</p>
<p>And here&rsquo;s hoping that the data miners and the companies who rely on their results recognize an important chrome-skull shaped truth: there are always exceptions to the rules they find in the patterns of our buying.</p>
<br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/emily-guy-birken">Emily Guy Birken</a> of <a href="http://www.wisebread.com/open-secrets-surprising-things-your-spending-reveals">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-15">
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</div> </div><br/></br>Consumer AffairsCredit CardsShoppingbankingcredit historyMon, 05 Nov 2012 10:37:34 +0000Emily Guy Birken955533 at http://www.wisebread.com